The bank has signed up for AC Plus’ Data Analyzer module; AC Server, configured to support time-series tick data; and various gateways to support different data sources. Its goal is to improve the quality and controls surrounding the market data used in the investment bank's risk models.

The system is due to go live within the risk management department in the first quarter.

Bridget Piraino, a vice-president at Asset Control, said the time-series database will also benefit the bank’s trading desk, as traders will evaluate trades based on the level of risk involved.

Initial users will be in the risk management department, but the roll-out will eventually encompass credit and equity derivatives teams as well, said Barry Fenwick, divisional information officer at Wachovia.

AC Plus creates a normalised set of reference prices for risk management purposes.

"[Wachovia is] using it as a pricing system," Piraino said. "It is putting together a repository of data and interfacing to an in-house risk engine. It had a need to create a high-quality data set for risk and to make that available to other users in the investment bank and research team."

The bank will capture data from different data sources including Bloomberg, Reuters and Markit, as well as prices from internal traders and the bank’s multi-year history of more than 100,000 risk factors, including bond prices, interest rates and commodity prices.

Users can then access the repository or risk engine directly or via an API using the bank’s wide-area network, Piraino said.

This white paper looks at the Basel Committee's BCBS239 principles, also known as PERDARR (Principles for Effective Risk Data Aggregation and Risk Reporting), which comes into force from 1 January 2016.

Download Risk Journals iPad apps

US insurer MetLife is fighting its designation as a systemically important financial institution - a label handed out by the FSOC in December. State supervisors are also questioning the decision: www.risk.net/2391615. Should MetLife be supervised as a Sifi?